ASX and Media Releases

AGL to stay in Hunter and develop future project

Monday, 30 June 2014

AGL Energy Limited (AGL) has confirmed to a key community group in the Hunter today that the company will stay in the local area and remains committed to its Hunter Gas Project.

At the local Hunter Community Consultative Committee (HCCC) this morning, AGL’s Group General Manager Upstream Gas, Mike Moraza said there was a commitment to stay in the Hunter area despite a property owned by AGL in Milbrodale to be placed on the market.

“We are selling the Milbrodale property because it does not fit into our long-term agriculture plan and we inherited it when buying Sydney Gas in 2009.

“I can confirm that AGL is dedicated to its Hunter Gas Project – we have a long-term commitment to the Hunter Valley and plan to be here for many years to come.

“We remain actively engaged with the local community and are excited about a number of opportunities we plan to build upon. There’s a lot of talk locally about the economic pressures the Valley is currently facing and together with the local AGL Hunter team we are looking at ways to develop our project to bring employment and other benefits to the local community,” Mr Moraza said.

AGL will continue to grow quality grapes and produce high quality wine from its Spring Mountain and Yellow Rock properties and fund the annual Wine Excellence scholarship program which supports winemakers.

Mr Moraza confirmed that AGL’s current groundwater monitoring program consisting of 42 monitoring bores across AGL properties around Broke and Bulga will continue.

“We take our environmental responsibility very seriously and I want to assure the local community that we are rigorously and regularly monitoring the groundwater in the area and will continue to do so,” said Mr Moraza.

AGL’s exploration activities have the necessary approvals in place for work to continue.

About AGL

AGL is one of Australia's leading integrated renewable energy companies and is taking action toward creating a sustainable energy future for our investors, communities and customers. Drawing on over 175 years of experience, AGL operates retail and merchant energy businesses, power generation assets and an upstream gas portfolio. AGL has one of Australia's largest retail energy and dual fuel customer bases. AGL has a diverse power generation portfolio including base, peaking and intermediate generation plants, spread across traditional thermal generation as well as renewable sources including hydro, wind, landfill gas and biomass. AGL is Australia's largest private owner and operator of renewable energy assets and is looking to further expand this position by exploring a suite of low emission and renewable energy generation development opportunities.